Decrease in Air Traffic in the Covid-19 Crisis to Adversely Impact Demand for Aircraft Refurbishing Services
The global commercial aircraft refurbishing industry is segmented in different segments; aircraft type, service, area, and refurbishment type. Aircraft type refers to the engine type used, while service refers to the maintenance requirements and safety-based certification that need to be met before operating an aircraft. Decrease in air traffic is expected to limit demand for aircraft refurbishing services. For instance, according to Airports Council International, the global air passenger numbers are expected to decrease by 5.6 billion during 2020, along with a US$ 104.5 billion reduction in revenue. Moreover, according to Preliminary Air Traffic Data, April 2020: the U.S. airlines witnessed 96% reduction in passengers from 2019. The global commercial aircraft refurbishing industry is segmented in different segments; aircraft type, service, area, and refurbishment type. Aircraft type refers to the engine type used, while service refers to the maintenance requirements and safety-b...